NIKE34 trade ideas
Reversal Symmetrical Bottom Declining This is what I see. I might be wrong count here. Still learning about EW.
Nike Stock Analysis: Bulls Not in the Clear Yet...Conclusion for today’s Analysis: Price closing above the September 21, 2018 high of $85.98 indicates resumption of the bullish trend in Nike.
Over a year and 2 months of price action is covered in today’s Nike stock analysis using a 6 hour timeframe.
The previous bullish price channel lasting over 11 months was broken to the downside, with price retracing to ~$66.45.
Bullish momentum resulting from the above mentioned price level is yet to break above the previous high of $85.98 reached on September 21, 2018, therefore implying patience on entry of any long (buy) position that will be considered very conservative.
$60.55 is used as the lower price level for support indicated on the chart with the upper boundary being $66.45. A break below $60.55 in this case indicates resumption of the sell off from September 21, 2018, with lower prices to be expected.
A bearish channel (tentative) drawn on the chart needs to be monitored if Nike does indeed fail to close above price high of $80.96 established on Friday, the 18th of January, 2019
NKE-USmight breakout in the coming days since it is gaining upward momentum.
bullish divergence on RSI
Nike 8 RRR short ahead of earningsTrading Methodology:
1. An asymmetric bullish/bearish pennant is drawn using ascending and descending curved trend lines with a minimum of three price action touche points per line. The direction is determined by the previous trend.
2. The angle tool is applied from the earliest two trend touch points, beginning at the earliest touch point.
3. A trend-based Fibonacci retracement triangle is drawn starting from the earliest trend touch point and ending at the earliest touch point of the opposite trend line .
4. Based on the degree, of the earlier defined angle, the appropriate (and secret) levels are selected for the fibonacci retracement ; two levels for stop-loss and two levels for take-profit. The closest stop-loss level to the current price level is the top priority stop-loss. Though the secondary stop-loss level is often chosen for some markets such as FX and some equities in order to account for seldom unexpected resistance breaks. The greater target level is the top priority, and where majority of the shares are sold, though some may choose to close part of the position at the first target level or set it to be the stop-loss once price exceeds it. Entries should be laddered in around the levels closest of the yellow line.
This trading strategy can be applied to any market and time frame, and positions most often garner the greatest risk-to-reward ratio with the highest success rate. What more can you ask for? I will only be posting my unique trading strategy until EOY. I work solely with price action to identify pennants and apply unique trend-based fibonacci retracement levels for SL and TP levels. Reach out to me if you have any questions.
NKE Do not burn your NIKES, even if they're running below trendThey could be dirty, cracked and stinky as hell, but they will always be Nikes.
Definitely, the trendline is calling to the price so it looks like we have a bearish movement here with some levels at $80.41, $75.62 and finally at $71.74. I'd be ok just with the second target. What do Wall Streeter boys think about? They have a target of around $85.61 a share, which of course that target has already been hit. However, also mine at $80.41.
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Nike analysisSell off from all time highs through the uptrend line, still waiting for a price to go lower to 61.8% fib, which is also previous support buy zone for a long and 100SMA for a better setup.
NKE Long Term Short$NKE looks like an amazing short based on the monthly LOG chart... Has a very clear ascending wedge that looks like its just about to breakdown. Additionally, there is a TRIX/MACD bear cross as well as a bearish divergence on the RSI! Good luck!
Nike, The largest rising wedge you have ever seen?Nike is about to break down from an enormous rising wedge. Just take a step back and look at the growth of the stock market from 2008, a recession is in the works, and it will not be pretty.
Good luck trading
-Trader A
NIKE: EXPANDING TRIANGLE FOR ONE MORE DOWN?Nike seems in the middle of a correction. Looking to the previous gap up it could be going for the completion of an expanding triangle. If it fails on the break of the upper trendline i'm expecting one more wave down.
NKE: Earnings Out of Season, Topping with Strong SupportNike, the icon of footwear, reports today out of season which is not a good sign for earnings. The stock is not being traded heavily pre market, however, so the retail crowd appears to not know about this earnings report yet. The stock has already hit an extreme deviated peak in its business cycle after a fast-paced speculative run out of its prior bottom formed in 2016-2017. This stock is more fortunate than others. It has strong support close to its current price. The Cycle indicator has headed down to the center line and the stock should trough sooner than later. This is a weekly chart so you can see the support level easily. This stock is not a good candidate for a sell short due to this support.
NKE H&SNKE looks weak in today's rally, earning coming up tomorrow after close. Apparel has not done well this earnings season, declining margins. NKE is no exception. Revenue increase has primarily been overseas, and the Chinese economy has taken a hit this fall.
Going over the numbers, P/E ratio is over 25 (adjusting for the big tax hit), dividends 1.75%. Overvalued regardless of this earnings, expect this to wind up in the low $60's after earnings.
If you want a cheaper play than NKE puts, try UAA or XRT. You can even do a vertical spread tomorrow afternoon on weekly puts on either one to limit your exposure. If NKE goes down, I expect the whole sector to go down on Friday. Both UAA and XRT have room to drop to next support.
90 days negotiationTariff negotiation gives way to an upside until Q4.
Just do it. It's December anyway. PT new 52wk highs.
